The Reserve Bank of India (RBI) has canceled the Certificate of Authorisation (CoA) of Vodafone Idea’s m-pesa on account of voluntary surrender of authorization. Following the cancellation of the CoA, the company cannot transact the business of issuance and operation of prepaid payment instruments.
Last year, Vodafone Idea had decided to close m-pesa vertical following the closure of Aditya Birla Idea Payments Bank (ABIPBL), with which it was being merged.
Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is developing world-class infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence.
